80% of Noble Employees to be Laid Off
Jeremy Pate, Swan Energy comments on the recent Chevron purchase of Noble Energy and how they are projected to lay off 80% of Noble’s employees. Pate says Swan Energy is opening up their well sharing investment program to others, especially anyone impacted by the recent rash of layoffs.
“So Jason the terrible part about the Chevron acquisition is 80% of Noble’s work force is going to get laid off,” Pate said. “All those families that had a normal monthly income are going to be without. Some may get severances packages and some may not.”
Pate continued saying Swan Energy has been administering a kind of well sharing program for their employees and others. He said this has become a way for some to make a monthly income for whatever their personal need is.
“Swan does have a program that can help them out. We can help them out through their 401K. Most people have a 401K that they are going to have to roll out of their Noble 401K into an IRA or something like that. ” Pate said. “So how we can help them is that we have a program that they can roll their 401K, tax-free, into another 401K that they can invest into oil wells through Swan Energy.”
Orphan Well Cleanup Program Could Create Jobs, New Report Finds
The COVID-19 pandemic and corresponding collapse in energy markets have wreaked havoc in the oil and gas sector. An estimated 76,000 direct oil and gas jobs were slashed across the U.S. from February to June. The number of workers still employed in the sector hit a low not witnessed since around 2006. Though oil prices have rebounded in part, thousands of energy workers remain without work.
But a new report compiled by Resources for the Future and Columbia University’s Center on Global Energy Policy proposes a potential solution.
The team of energy experts concluded a federal economic stimulus program focused on plugging 500,000 abandoned and orphaned wells across the country could generate upward of 120,000 jobs for unemployed oil and gas workers. Orphan wells are oil and gas wells with no responsible owner.
“We were interested in looking for policy options that would create work and help the communities where they live, and also maybe provide some environmental benefits at the same time,” said Daniel Raimi, a senior research associate at Resources for the Future and one of the report’s authors. “Essentially, we were looking for win-wins.”
Trump to Visit Oil-Rich Permian Basin
President Trump is expected to visit the Permian Basin in West Texas Wednesday and make a stop at the Double Eagle Energy in Midland, the White House announced.
During his visit, the president will tour an oil rig and address how the U.S. has become a dominant energy power, from reducing regulation, expediting the approval of projects and providing an impetus for private investment in energy infrastructure.
The Permian Basin is one of the leading oil-producing fields in the world. The basin spans parts of West Texas and southeastern New Mexico and stretches 250 miles wide and 300 miles long.
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